Paying $60 a month on $2,000 at 22% APR clears the card in 4 years and 4 months and costs $1,119 in interest.
A $2,000 balance at 22% APR paid down at $60 a month takes 4 years and 4 months to clear, and you hand the card issuer $1,119 in interest along the way — $3,119 paid in total. The first month alone costs $37 in interest before a cent goes to the balance.
Paying more shortens this dramatically. Adding just $100 a month to that payment clears the card in 15 months instead and saves $827 in interest. The calculator below is set to $2,000 at 22% — change the rate and payment to match your card.
At 22% APR, with no new purchases on the card.
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| $60 | 4 years and 4 months | $1,119 |
| $80 | 2 years and 10 months | $700 |
| $100 | 2 years and 2 months | $514 |
| $160 | 15 months | $293 |
| $200 | 12 months | $230 |